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Saturday, January 22, 2022

NCDEX Soyabean likely to move in a range of 6077-6765

Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 20.68% to settled at while prices down 402 rupees.

Now NCDEX Soyabean is getting support at 6192 and below same could see a test of 6077 levels, and resistance is now likely to be seen at 6536, a move above could see prices testing 6765.

Soyabean yesterday settled down by 5.99% at 6306 after demand from poultry industry for extension of shipment period for import of soyameal, a by-product of soybean processing for manufacturing oil, upto March 31, 2022.

Export of soyabean meal in October stood at 30,000 tonne, down by over 70 per cent from the corresponding period a year ago due to lack of price competitiveness for Indian soya meal and curtailed crushing.

Overseas shipment of soyabean meal in the first month of the new oil year was recorded at 30,000 tonne as against 1.35 lakh tonne in the same period a year ago, according to Soybean Processors Association of India (SOPA).

Data compiled by the body of soyabean processors has estimated crushing of soybean meal in October at 4.79 lakh tonne. According to SOPA, consumption of soyabean meal by poultry feed in October was little higher at 5.50 lakh tonne as against 5 lakh tonne from the same period a year ago.

China’s soybean imports from the United States in October declined by 77% over the previous year, citing data from the General Administration of Customs.

The data showed that China imported 775,331 tonnes of US soybeans last month, well below the 3.4 million tonnes it brought in during October 2020. At the Indore spot market in top producer MP, soybean dropped 362 Rupees to 6387 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 6077-6765.
–Soyabean dropped after demand from poultry industry for extension of shipment period for import of soyameal
–Soybean meal exports down 70% in October this year
–China’s soybean imports from the United States in October declined by 77% over the previous year
–At the Indore spot market in top producer MP, soybean dropped 362 Rupees to 6387 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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